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Athsma inhaler maker Vectura yesterday managed to reverse a 5.6pc share price slide, after it earlier failed to impress the City with a change in strategy.

The FTSE 250 company is putting its own product development on the backburner to focus on partnerships, to save £10m this year.

Vectura, which has been the subject of takeover rumours in recent months, will move money out of higher-risk early-stage projects. Chief executive James Ward-Lilley admitted that the firm is unsure when its delayed lung drug Advair will finally be able to generate revenue.

The shift shouldn’t change the company’s valuation given the early stage of the ditched products but the market might be spooked by the impact...